Valuation according to the NIF in Mexico
The correct financial management of an entity is based on the adequate measurement and valuation of its assets and liabilities. In this context, cost is defined as the value of the resources that an entity delivers or promises to deliver in exchange for goods or services, with the aim of achieving the...
NIF B-1 Accounting changes and error corrections
NIF B-1 establishes as a general rule that: “All changes in particular standards, reclassifications and error corrections must be recognized through their retrospective application” When the financial statements of a previous period are compared with those of the...
Standards applicable to the financial statements as a whole Series NIF B
Series B of the Financial Reporting Standards (FRS) establishes the specific guidelines that must be followed for the preparation and presentation of the financial statements of an entity. Each standard within this series focuses on a fundamental part of the financial statements.
Differences in financial instruments (NIF C-2)
The Financial Information Standards in their NIF C-2 indicate different types of Financial Instruments, among those that cause the most confusion in my opinion are: Financial Instruments for Collection of Principal and Interest (IFCPI), Financial Instruments for Purchase and...